Cracker Barrel 4Q Profit Rises On Lower Expenses

LEBANON, Tenn. (AP) — Cracker Barrel Old Country Store Inc. said Tuesday that its fiscal fourth-quarter profit climbed 9 percent, helped by lower expenses.

The restaurant operator earned $22.8 million, or 99 cents per share, for the period ended July 31. That's up from $21 million, or 93 cents per share, a year earlier.

Analysts predicted net income of 95 cents per share, according to a Thomson Reuters poll. Analysts' estimates generally exclude one-time items.

General and administrative expenses fell to $32 million from $35.6 million, while interest expense declined to $12.1 million from $13.9 million.

President and CEO Michael Woodhouse said the company was able to improve its operating margin due to lower food cost inflation, reduced general and administrative expenses and operating cost containment.

Sales slipped 1 percent to $595.6 million from $601.8 million to miss Wall Street's estimate of $599.6 million.

Restaurant same-store sales, or sales at locations open at least a year, dropped 1.4 percent in the period while retail same-store sales slid 7 percent.